Hotels use tax breaks to upgrade

October 2003
Travel Weekly: The Choice of Travel Professionals;10/20/2003, Issue 1690, p66
Trade Publication
Tax concessions introduced by the Bermuda Islands government have prompted the islands' hoteliers to invest a massive £ 300 million in upgrading and developing their properties. The government has implemented tax reductions and waived import duties on building materials to encourage property owners to make improvements. The concessions are a two-way incentive as they are also designed to encourage hoteliers to invest in training local people and to introduce more local entertainment. The incentives were also designed to encourage new investment in properties, such as the former Club Med resort, which remains empty after closing down around 10 years ago. Many hotels have taken advantage of the initiative and are upgrading their room stock, while others are opening new facilities such as spas.


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